The negative performance recorded Wednesday was largely due to losses in FBNH (-7.2%), DANGCEM (-0.4%) and UBA (-3.6%).

However, activity level was mixed as volume traded increased by 1.6 percent to 345.0 million units while value traded declined 58.8 percent to N2.3 billion.

The top traded stocks by volume were NEM (189.1m units), UBA (27.2m units) and TRANSCORP (21.7m units) while NEM (N540.1bn), ETI (N383.0bn) and GUARANTY (N350.2bn) were the top traded stocks for the day.

Performance across sectors was mixed as 2 of the 5 major sectoral indices under closed in the green.

The oil & gas index appreciated the most, up 0.5 percent due to gains in OANDO (+3.9%) and TOTAL (+1.1%), followed by the banking index (+0.2%), buoyed by price appreciation in ACCESS (+2.2%) and DIAMOND (+6.9%) which offset losses in UBA (-3.6%).

On the flipside, the industrial goods index declined the most, down 1.9% as sell offs in DANGCEM (-0.4%) and WAPCO (-5.6%) – currently at a 52-week low of N25.50 – dragged the index.

In the same vein, the insurance and consumer goods indices slid 0.3% and 0.1% on the back of sell pressures on STDINSURE (-9.5%) and UNILEVER (-2.0%) respectively.

“Despite the decline in the broader index, we expect the market to rebound in tomorrow’s trading session as investors hunt for bargain opportunities.

Our view is further supported by technical analysis, as the current 14-Day RSI (Relative Strength Index) of the market is 39.0 points which is closer to the oversold region,” opined Afrinvest research analysts.

Samson Gbenga Salau
[Editorial Board Adviser]
Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff.
While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer.
He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press.
The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee.
As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category.
In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016,
he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards.
Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.